As a researcher with a background in cryptocurrencies and market analysis, I find the recent surge in Toncoin’s price intriguing. After witnessing a high of $7.78, followed by a brief decline, the charts suggest that we could be on the verge of another all-time high for this altcoin.
Recently, Toncoin reached a notable achievement as its price peaked at $7.78 following several days of growth. However, this upward trend was short-lived, and the price dropped shortly after. Nevertheless, there are indications in the Toncoin price charts suggesting that we may be on the verge of hitting a new all-time high. At present, the TON price stands at $7.55, representing a 3% increase within the past 24 hours. This surge has resulted in a market capitalization of $18.3 billion, an uptick due to the same price growth. Notably, this upward trend can be attributed to heightened network activity, leading to a trading volume of $508.9 million – a 90% increase.
In this blog, let us discuss what is happening with the TON price and how high it can grow.
Why Is The TON Price Surging?
Despite the bearish crypto market being driven by investor sentiment in the past, today’s scenario is distinct. Several cryptocurrencies, including TON, have experienced notable recoveries due to the release of Consumer Price Index (CPI) data. Additionally, the Federal Reserve’s decision to maintain the current interest rate, despite anticipated cuts this year, has also contributed to this positive shift.
Furthermore, Toncoin has experienced a significant uptick in its daily active user count, surpassing that of Ethereum. This growth can be attributed to the large user base of Telegram, which boasts 900 million users, driving network activity and fueling heightened demand in the market.
As a crypto investor, I’m thrilled to observe that the Toncoin network has reached a new milestone by locking in a total value of one billion dollars. This significant growth is also reflected in the increasing number of Toncoin wallets, which have risen from 1.28 million to an impressive eight million. The surging demand among investors is clearly evident in these numbers.
How TON Price Can Rise With The Ongoing Surge?
As a crypto analyst, I’ve been observing the trend in TON price, which has been steadily increasing for hours now. Based on my analysis, I believe this upward momentum could continue, potentially leading to a 40% price surge for Toncoin. If this happens, we can expect the minimum price to reach around $11.
The cryptocurrency Toncoin is preparing for a possible 40% surge, reaching towards the price mark of $11. Yet, based on the Technical Depth (TD) Sequential indicator’s analysis, it’s likely that $TON will experience a brief downturn to around $7.2 first, in order to accumulate sufficient liquidity before the anticipated upward trend continues.
— Ali (@ali_charts) June 13, 2024
Not only that, but many other analysts believe the same, where Andrew Kang has said,
TON is looking to be one of the biggest growth stories of this cycle
As a crypto investor, I’m keeping a close eye on the technical indicators for this altcoin, and they’re signaling a strong buy opportunity during its current price surge for TON. The moving averages, including both simple and exponential ones, across various time frames from 10 to 200 days, all point towards the buying zone. Additionally, the Relative Strength Index (RSI) is at 63, and the MACD (12,26) line is also indicating a buy signal.
Based on these signs, the likelihood is strong that the current price increase for TON will persist. The value of TON is currently only 2.76% below its all-time high (ATH) of $7.78. Given the current trend, it could reach this peak once again within the next few hours. Moreover, if Ali’s forecast proves accurate, the price of Toncoin may even reach as high as $11 in the near future.
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2024-06-13 20:11